The greenback keeps pulling back massive losses from the past weeks. It manages to claw back some of the losses from the North Korean geopolitical problems as it continually dies down over this week. The surging economic data also proved to be of a great support on the currency as expectations and forecasts were shattered.
A basket of major currencies trails behind the strengthening dollar, most investors took a sigh after the commotion between the United States and the North Korea. They were mostly relieved that the geopolitical turmoil has seemingly submerged.
The ICE United States dollar index which measures the strength of the greenback against major currencies was trading higher by incremental increases before it manages to stay at a flat rate just before closing. The highlighted spikes were recorded to be at 94.0370 in earlier trading, it is still higher compared to the price it had before the economic data were published at the 93.7920.
The USDJPY has managed to keep the pace on the ongoing surge. The dollar manages to take the upper hand and increase by a total of 110.61 yen on yesterday’s trading considering that it was reaching the levels of 109.63 levels last Monday.
On the other side of the globe, the dollar took a good beating against the euro despite having a stellar performance against a basket of currencies. The euro manages to take the driving seat with an increase of about 0.4% at $1.1736.
US Economy and North Korea Turmoil
Last week’s North Korea and the United States took the world wide spotlight as both countries quarreled their way into the week, providing jitters of geopolitical tension all over again. There were even threats on bombing Guam over the period of their debacle. Luckily, this week has been a smooth sailing between the two which gave investors a great time to breathe.
July’s economic data and figures were looking stellar; the US retail sales took the giant win with massive increases over the last 7 months of 2017. Consumer spending was given a highlight last July, sitting right behind was the rampant boost on motor vehicle purchases. The great increase on consumer related figures signals an impending growth in the country’s economy.
Despite the great consumer news, the home improvement sector was taking a beating on the last month which worries investors and several retailers as well. The S&P took a beating on the report and slowed down on its growth, both Home Depot and Lowes companies buoyed the decreasing trend amongst home improving companies.
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